Former Rangers boss Smith sues financial adviser for £320,000

Former Rangers manager Walter Smith has revealed that he is to sue his former financial adviser for £320,000 after the businessman invested money on his behalf during the 1990’s while he was manager of English side Everton.

The former Scotland manager has instructed lawyers to go to Scotland’s highest civil court in a bid to recover the cash from Gareth Alexander.

The 69-year-old former coach is suing Mr Alexander over sums which were paid into a pension fund in the 1990s.

Mr Smith’s legal team will argue their case against Mr Alexander, who lives in Harpenden, Hertfordshire, at the Court of Session in Edinburgh later this month.

Their client was also originally suing another financial advisor called Neil Caisley in the action.

However, Mr Caisley, also of Herts, is not contesting the action.

A search of the website belonging to business watchdog Companies House shows that Mr Caisley and Mr Alexander were directors of a firm called Provision Financial Consultants.

The Companies House website states the business was dissolved in April 2014.

According to legal papers lodged at the Court of Session, Mr Smith claims both Mr Caisley and Mr Alexander agreed to refund him £600,000 in commission fees they received from selling him “financial products”.

Mr Smith claims the two men entered into an agreement with him over the refund in March 2012.

However, he claims to have only received £280,000.

Yesterday a procedural hearing took place at the court before judge Lord Bannatyne.

Mr Alexander’s legal team wanted the court to make an order for Mr Smith’s legal team to hand over documents which they say would help prepare their case.

The judge will give his decision on this next week and the full hearing in the case will be held later this month.